Wide Open Agriculture’s Lupin Protein Sales Jump 226%, German Capacity to Double

Strong Commercial Momentum

Wide Open Agriculture Ltd (ASX, WOA) has delivered a standout second quarter for fiscal 2025, with cash receipts soaring 243% to nearly $300,000. This surge is primarily attributed to a 226% increase in lupin protein isolate sales, reflecting growing adoption across South America, Europe, and Australia. Repeat orders from existing customers and an 8-tonne order from Latin America underscore early market validation and product acceptance.

Scaling Production with Efficiency

To meet rising demand, WOA has identified a capital-efficient expansion pathway at its German manufacturing facility. By adding shifts and leveraging existing equipment, the company aims to double annual lupin product throughput from 500 to 1,000 tonnes, potentially yielding up to 240 tonnes of lupin protein isolate. This scalable approach aligns with anticipated volume growth, particularly from the newly unlocked Chinese market.

Innovative Manufacturing Breakthroughs

A recent manufacturing trial in the United States demonstrated up to 80% energy savings and a 50% reduction in processing time for WOA’s proprietary production step, without compromising quality. These gains promise to lower operating and capital costs, enhancing the economics of current and future production sites.

Unlocking New Revenue Streams with Lupin Oil

WOA’s R&D efforts have advanced the commercialisation of lupin oil, a high-purity co-product with promising antioxidant and cosmetic properties. Produced via a novel, energy-efficient extraction method, lupin oil requires no additional capital expenditure and targets the lucrative global cosmetics market valued at over USD $677 billion. Larger extraction trials are planned to support customer testing and market development.

Strategic Entry into China

In a significant milestone, WOA signed an exclusive distribution agreement with Univar Solutions China, a major global chemical and ingredient distributor. This partnership opens access to one of the world’s largest consumer markets, with Univar committed to purchasing a minimum of 50 tonnes of lupin protein isolate over 12 months following a market preparation phase. Joint initiatives will focus on customer trials and product development to accelerate market penetration.

Capital Raise Fuels Growth Ambitions

Supporting its expansion plans, WOA completed a $2.6 million capital raise during the quarter, supplemented by a Share Purchase Plan that raised an additional $182,000. The funds will fast-track the company’s China market entry and accelerate global sales efforts. Despite increased production and staffing costs, WOA ended the quarter with a healthy cash balance of $3.39 million, providing a runway of over three quarters at current burn rates.

Looking Ahead

As Wide Open Agriculture moves into the second half of 2025, it is well positioned with a growing order book, expanding production capacity, and strategic partnerships. The company remains focused on improving production efficiency, optimising unit economics, and commercialising co-products to enhance financial performance and market reach.